Category: Bitcoin Analysis

Has Bitcoin Confirmed A Bullish Retest Of “Meme” Downtrend Line?

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Bitcoin price may be at among its most critical moments in its short just over a decade history. The cryptocurrency has over the last several days retested the all-important “meme” downtrend line extending from all-time high as resistance turned support. After successfully holding, the bullish retest could be confirmed, and the last dip before Bitcoin’s next bull run could already be behind us. Has Bitcoin Confirmed A Bullish Retest Of The “Meme” Downtrend Line? Bitcoin price has spent three years trapped within a downtrend. This downtrend was capped off by…

Here’s What Bitcoin’s Strong Weekly Close Says About Its Present Outlook

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Bitcoin posted a strong weekly close yesterday afternoon, which is what allowed the cryptocurrency to see an overnight upswing that has led it past multiple crucial levels. While speaking about the digital asset’s price action, one analyst observed that its strong weekly close may continue acting as a launchpad for further upside, noting that bulls were able to defend a crucial support level for two consecutive weeks. Further adding to the fire that has driven BTC higher today is strength seen in the stock market. BTC has once again grown…

Does Bitcoin’s Ongoing Rally Have Legs? Here’s Why Analysts Think It Does

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Bitcoin is pressing higher after a $300-400 correction on Sunday morning. The leading cryptocurrency currently trades at $10,400 as of this article’s writing, around $200 from the lows. This comes after the leading cryptocurrency printed a pivotal weekly candle close above $10,000. $10,000 has long acted as an important horizontal level for Bitcoin, having marked three separate highs over the past year. Analysts think that Bitcoin’s ongoing rally may have legs despite it being so nascent and relatively small. One sign that this is the case is the price action…

Bitcoin Topside Bias Vulnerable Unless It Surges Past $10,500

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Bitcoin price broke the $10,500 resistance, but it struggled to settle above it against the US Dollar. BTC is currently holding the $10,200 support, below which the bears could gain strength. Bitcoin is currently facing hurdles near the $10,400 and $10,500 resistance levels. It is trading near the 100 hourly simple moving average and well above the $10,200 support. There was a break below a major bullish trend line with support near $10,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must gain momentum…

Here’s Why Bitcoin Is Poised to Bounce After Plunging $300

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After Bitcoin peaked at $10,600 late on Saturday evening, bears reasserted control over the cryptocurrency. Now, BTC trades for $10,300, having dropped as low as the low-$10,200s as sellers suddenly entered the market. This was a departure from the expectations that analysts had for Bitcoin just hours before the move. Many thought that the move above $10,500 after days of ranging was set to take BTC towards $11,000. While this didn’t play out, there are signs that the ongoing correction is one that is too aggressive. That’s to say, there’s…

Bitcoin Reaches 144 Weeks From All-Time High: Why This Number Matters

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At the turn of tonight’s weekly close, Bitcoin will have reached 144 weeks from the asset’s all-time high at $20,000. On this crucial date, Bitcoin price is currently trading at roughly 50% from the high. But it could be the last time the asset is priced any lower, according to the previous bull market and this mysterious number. Why is the number 144 so special to financial markets, and what could this mean for the first-ever cryptocurrency? Does Time and Date Matter As Much To Financial Markets As Price, Patterns,…

Bitcoin Reclaims Crucial Technical Support as “Smart Money” Flips Long

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Bitcoin is showing some intense signs of strength today, with the cryptocurrency’s price rallying towards its recent highs of $10,500 while the aggregated market also sees some strong momentum. Because BTC has yet to break above $10,500, its near-term outlook still remains somewhat unclear. However, a continuous show of strength could be enough to boost it higher, with a firm break above this level potentially sending it rocketing significantly higher in the days and weeks ahead. Ethereum’s ongoing break above $380 may also create a tailwind that helps lift the…

Here’s Why An Analyst Thinks the Ongoing Bitcoin Rally Is “The Real Deal”

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Bitcoin has begun to press higher despite weakness in legacy markets. The price of the leading cryptocurrency is currently at $10,470 despite reaching lows of $9,800 earlier this week; also, altcoins have begun to surge, suggesting that this is once again a buyer’s market. BTC is moving above pivotal support levels during this slight rally. While some think this is an upward fakeout, there are signs that this may be the start of a rally that takes Bitcoin back to $11,000. Here’s why. Related Reading: CNBC’s “Mad Money” Host Jim Cramer…

Early Bitcoin Investor Sees Parallels Between Now And 2016 Bull Breakout

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Bitcoin price has spent the last two years hovering around $10,000 – a key resistance level that in the past has incited serious FOMO. But according to an early Bitcoin investor who has seen a thing or two, the cryptocurrency won’t hover around that price forever and sees parallels between the current price action compared the calm before the breakout into the last bull market. Early Crypto Investor: Bitcoin Can’t Hover Around $10,000 Forever The world will know soon enough if scarcity-focused valuation methods like the stock-to-flow model continue to…

Bitcoin Investors Grow Fearful as Signs of Weakness Proliferate

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It has been a rocky past couple of weeks for Bitcoin. The cryptocurrency was able to surge as high as $12,400 just a couple of weeks ago before it lost its momentum and began plunging lower, ultimately hitting lows of $9,900 before bouncing higher. This has done little to offer insight into its near-term outlook, although it has elucidated underlying strength amongst the crypto’s bears. One analyst is now noting that he is flipping short on BTC, hoping to trade a move down to $9,600. He indicates that this fresh…